2016-05-29

Nanjing Caps Land Prices

China's eastern city of Nanjing said on Friday it will limit the highest bidding price developers can offer in land auctions, in an effort to control surging land costs that have been driving up home prices.

Nanjing's tightening measure came after another eastern city, Suzhou, imposed a similar cap earlier this week.

Residential land and home prices in some major second-tier cities have been posting significant rises since the beginning of the year, raising concerns that overheating is spreading outside the top-tier cities of Beijing, Shanghai, Shenzhen and Guangzhou.